Business Process as a Service (BPaaS) Market Size, Share, Growth and Forecast 2032

Business Process as a Service (BPaaS) Market Insights

Zion Market Research has published a report on the global Business Process as a Service (BPaaS) Market, estimating its value at USD 58.94 Billion in 2023, with projections indicating that it will reach USD 174.26 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 12.8% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Business Process as a Service (BPaaS) Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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 Global Business Process As A Service (BPaaS) Market: Overview

Equipped with the right resources and expertise for launching new projects within time restraints, Business Process as a Service or BPaaS can substantially speed up the time-to-market. It consists of databases, business application software, parts of hardware infrastructure, middleware, optimized processes, and personnel. These solutions are increasingly being utilized by SMEs (small and medium enterprises), due to the myriad of advantages associated with these services, with low cost topping the list.

Thus, people were forced to enter into or adapt to remote working which required a lesser number of people on the field work. Due to the client protocol that prohibits the transfer of the client's vital data to work-from-home mode, combined with the employee's incapacity to commute, large-scale stoppages have occurred during the COVID-19 crisis. For example, the BPM company, which is based in the United States, reported a 50 percent reduction in work.

However, with relaxation in lockdowns, demand for the business process as a service (BPaaS) market is projected to surge as businesses seek to maintain their competitive positions in the face of a deteriorating economy and job market.

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Business Process as a Service (BPaaS) Market: Growth Factors

There are various factors leading to the growth of the business process as a service (BPaaS)   market. The requirement for virtual sets of IT applications such as servers, storage, networks, and others is likely to fuel the BPaaS market expansion. Businesses around the world are focusing on developing a mobile workforce, where employees can access data from remote locations via internet services. Several industrial verticals are rapidly adopting cloud services, including BFSI, retail, healthcare, manufacturing, telecommunications & IT, media & entertainment, and others.

Furthermore, the banking sector is eager to adopt BPaaS because of benefits such as cost savings, data protection, and disaster recovery services, all of which are projected to boost business process as a service (BPaaS) market growth.

Business Process as a Service (BPaaS) Market: Segment Analysis

During the forecast period, the customer service and support business process is predicted to increase at the fastest rate, as companies aim to transform their customer service operations by lowering operational costs while dynamically scaling up processes associated with shorter product life cycles. Human Resource Management, Accounting and Finance, Sales and Marketing, Procurement and Supply Chain, Operations and Others form the business process segment.

Due to the adoption of cloud solutions in this segment, which is expected to have increased its focus on achieving competences and rebalancing system expenses, not in terms of Capital Expenditure (CAPEX), but in terms of Operating Expenditure (OPEX), the BFSI vertical is expected to have the largest market share during the forecast period. Furthermore, increased commercial and regulatory obligations are forcing BFSI organisations and Chief Information Officers (CIOs) to rethink their limited use of BPaaS solutions.

Business Process as a Service (BPaaS) Market: Report Scope

Business Process as a Service (BPaaS) Market: Regional Analysis

North America is a technologically advanced region, which means the adoption rate of any new technology is very high in the region.Because of the high acceptance rate of cloud computing among enterprises, North America is expected to account for a considerable portion of the overall worldwide Business Process as a Service (BPaaS) market. Businesses have been looking for flexible, standardised models to increase productivity while lowering costs. There is a disproportionate demand because of the impact of the COVID-19 pandemic. As BPaaS systems may scale up or down on demand, their inherent configurability has also met the demand for flexibility.

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Asia pacific is expected to be growing significantly for the business process as a service (BPaaS) market. The developing region has witnessed a rise in the usage of technology. Through the forecast years, Asia Pacific is expected to acquire a large share of the global Business Process as a Service (BPaaS) market revenue, owing to organisations' increasing focus on core competencies. Because smaller firms have fewer in-house capabilities, the adoption rate is aided by the trending appearance of multiple small-scale businesses. Furthermore, businesses of all kinds have been looking for cost-effective access to cutting-edge technology infrastructure.

Key Market Players & Competitive Landscape

• Wipro
• Cognizant
• EXL
• Capgemini
• TCS
• Accenture
• Genpact
• HCL
• IBM 
• Fujitsu

The business process as a service (BPaaS) market is segmented as follows:   

 By Business Process

• Human Resource Management
• Accounting and Finance
• Sales and Marketing
• Customer Service and Support
• Procurement and Supply Chain
• Operations
• Others

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By Application

• BFSI
• Telecom & IT
• Manufacturing
• Ecommerce and retail
• Healthcare
• Government
• Others

   By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa